Daily Market Update

Daily Market Update

Daily Market Update Oil and copper rebound, global markets recover
After a poor day’s trading yesterday Thursday is looking better so far. A rebound in oil and copper prices has helped Asian markets close mainly higher while European markets are positive so far this morning. Weaker- than-expected US retail sales data yesterday has curbed appetite for risk though as sales recorded their largest decline in 11 months. US stock futures are trending higher so far; oil is edging down; gold is also lower.
 
Today’s data
Jobless Claims at 8.30am ET
Producers Price Index at 8.30am ET
Empire State Manufacturing Survey at 8.30am ET
Bloomberg Consumer Comfort Index at 9.45am ET
Philadelphia Fed Survey at 10.00am ET
Bank of America, Citigroup and Intel Corp are among those reporting today.
 
All bets are off as casino firm ends up in the red
Caesars Entertainment Operating Company has filed for chapter 11 bankruptcy in a bid to tackle its $18.4 billion debt. The operating arm of the largest US casino company has a plan to cut $10 billion of the debt  by splitting in two with a casino company and a publicly-traded real estate investment trust. The move has the backing of senior noteholders but not junior ones as they will only receive around 10 per cent of the $5 billion they are owed.
 
Blackberry stocks surges on takeover reports but firm denies talks
Shares in smartphone and software firm Blackberry surged late yesterday as a report emerged suggesting that the firm had been offered up to $7.5 billion to sell the business to Samsung. Shares closed up 30 per cent before falling back in after-hours trading as the firm issued a statement denying that it was in talks with the Korean giant; Samsung has not commented.
 
World’s 2nd richest man doubles stake in NYT
Mexican billionaire Carlos Slim is now the largest stakeholder in the New York Times Company having more than doubled his investment with the addition of 15.9 million Class A shares. His total stake in the company is now 17 per cent and worth around $340m.
 
Pharmaceutical industry will be squeezed by insurers
The world’s big pharmaceutical companies may be forced to accept lower prices for their drugs as insurance companies ramp up pressure to cut prices. Although there is an argument that the pharma sector invest heavily in R&D and need to recoup their expenses while exclusivity protects their products, the insurers are pushing hard for a tide change. Healthcare costs are escalating as more conditions are treatable and people are living longer.